“A new report by Moody’s Investors Service finds that public pensions are $2 trillion short of the amount they owe current and future retirees. “Combined with large unfunded liabilities, aging plan demographics effectively transfer costs incurred by a previous generation onto the present one, increasing the burden on current government operations,” the report stated.”
So what does this mean? Higher taxes to fund the liabilities, cutting of public services (aka austerity), and insolvency. Most likely all three. This is what happens when you pair public employee unions and the politicians who feed off of them.
The next time a union endorses a politician, you can be sure they are in league to fleece the tax payers.